Make sure your college student is adequately insured and provide them with the ability to handle a frustrating situation away from home.
With many new experiences to discuss, insurance may not have been a main topic of conversation between you and your college student (yet). While you may not want to be a nagging parent, it is really important to make sure that your young adult understands how and when they can utilize their insurance. Informing them about insurance is another way of protecting them while they are out on their own.
Read the following information about Renters Insurance, Automobile Insurance, Health Insurance, Insurance for Students Who Study Abroad and Identity Theft Protection to explore the options you have for your young adult who is out exploring the world around them.
1. Renters Insurance for College Students
College students may or may not be covered under Mom or Dad’s Homeowners Insurance, which should be clearly stated within the policy. In most cases, a relative is only covered under a policy if they are a full-time resident of the named insured’s household. Even if a student living away from home is covered under their parents’ homeowners policy, property that is not regularly located at the parents residence is usually capped at 10% of the parents’ content limit. College students who own high-value items such as entertainment systems, laptops, iPads, iPhones, may easily exceed that 10% limit.
To protect the value of their belongings, college students should obtain their own renters policy. This holds especially true if they live in off-campus housing and if the lease is in their name.
- Renters Insurance provides coverage for damage to the student’s possessions, as well as liability coverage for unintended damage to property of others.
- It also includes limited coverage for accidental damage to the apartment or housing itself.
* Be sure to keep a record of all personal property, such as serial numbers, receipts and pictures so that you can provide proof of purchase and have your items replaced.
2. Automobile Insurance for College Students
Even if a college student is covered under a parent’s automobile insurance policy, college students who have their cars away at school should notify their insurance carrier for the following reasons:
- Changing your location could change your premium.
- Students who are away at school without access to a car could reduce their insurance premium as well.
- Does your college student have good grades? Many insurance carriers offer discounts for good students.
* Be sure to go over the necessary information and how to file a minor automobile accident claim. With your son or daughter, go over the location of the insurance id card and insurance company phone number.
3. Health Insurance for College Students
Most college students will be covered under their parent’s employer-provided plan because of the health care reform bill signed last year. This is great because they’ll receive more generous coverage than you can get anywhere else and they can’t be excluded for having pre-existing health conditions. However, if your student attends college far from home, you’ll want to check to see that they still have access to health care providers who participate in your plan.
4. Insurance for Traveling Students
The college years are a great time for students to take advantage of studying abroad and traveling in a foreign country. Even if your college student is just traveling for a short amount of time, you’ll want to be sure that they are protected in the event of an emergency. Unique policies protect student travelers in the following ways and more:
- In some cases, property may be covered for theft overseas if there is already a homeowners policy in place.
- Some specialty companies offer coverage to recover funds from a canceled course.
- Some specialty companies offer coverage to provide funds to travel home if a student becomes sick or injured.
* Some schools may coordinate coverage for the students who study abroad so this should be discussed before your young adult leaves the country.
5. Identity Theft Protection for College Students
College students are required to provide a lot of personal information. When that information is used to steal a person’s identity, the victim must do a lot of legwork to ensure that their credit record and all other accounts are restored back to normal. This is a frustrating and time consuming task for a student with a full course load. Being insured against this event may present the opportunity to have much needed extra help and guidance.
- Identity Theft Protection can usually be added as an endorsement to the Renters Insurance Policy.
- Identity Theft Protection helps to pay for the expenses incurred when repairing the credit record of the person’s identity who has been stolen.
*Students should always carry emergency contact information in a safe and accessible place. (For example: Driver’s License, Passport, Student ID, Insurance Identification, Social Security Card)
You do not want to wait until a loss has already been experienced to realize that your college student is not covered by insurance. While you have the chance, it’s better to look into your insurance coverage before an accident or loss occurs. Contact us at Mackoul & Associates, Inc. to discuss the types of insurance coverage you can provide for your college student.